Markets have completely smashed out in early trade and given up yesterday’s gain. Realty, Metal and Power indices crashed 6-8%. All indices are trading in red. Market breadth is weak; about 882 shares are advancing while 2006 shares declining. Nearly 247 shares are unchanged. All stocks in Sensex and Nifty are in red barring Hero Honda.
Reliance Ind, ICICI Bank, Tata Steel, HDFC, L&T, Reliance Comm, Infosys, ONGC and DLF are draggers for both indices.
At 10:34 am, the Sensex was down 531 points at 13,122 and Nifty down 162 points at 3,931. Nifty July Futures was trading at 39 points discount.
Top losers are Tata Steel, Reliance Infra, DLF, Reliance Comm, HDFC, Tata Power and Sterlite Industries, which fell around 7-11%.
Realty Index was down 6.7%. Indiabulls Real, HDIL, Ansal Properties, DLF, Omaxe, Unitech, Akruti City, Parsvnath, Phoenix Mills, Sobha Developers, Peninsula Land and Mahindra Life plunged 5-10%.
Metal Index skid 6.23T. JSW Steel, Tata Steel, Jindal Steel, SAIL, Sterlite Ind, Sesa Goa, Guj NRE Coke and NMDC fell 5-11%.
Power lost 4.82%. Tata Power, Reliance Infra, Lanco Infratech, GMR Infra, Suzlon Energy, Reliance Power and Neyveli Lignite slid 5-11%.
Bankex fell 4.73%. Karnataka Bank, Kotak Mahindra, Axis Bank, IndusInd Bank, ICICI Bank, PNB, Yes Bank, HDFC Bank, IOB and Bank of India were down 4-8%.
Auto was down by 3.91%. Tata Motors, M&M, Maruti Suzuki, Escorts, Exide Industries, Hind Motors and Amtek Auto crashed 3-7%.
Most active counters are Reliance Infra, Reliance Capital and Reliance Ind.
On the primary market front, Avon Weighing Systems was up 48.50% at Rs 14.85 as against issue price of Rs 10.